India Electrical Materials Market to Surpass USD 9714.33 Million in the Next Five Years
Increasing construction
activities and growing real estate sector to drive India electrical materials
market through the forecast period.
According
to TechSci Research report, “India
Electrical Materials Market By Type (Circuit Breakers, Light Switches,
Plugs & Sockets, Voltage Switcher, Cable Management, Cable Duct, Electrical
Conduit, Others), By End User (Industrial, Commercial, Residential), By Region,
Competition, Forecast & Opportunities, FY2026”, India electrical materials market was
valued at USD 5969.13 Million in FY2020 and is projected to grow at double digit
CAGR of 17.88% during the forecast years and reach USD 9.7 Billion through
FY2026. The rapid population expansion is creating a need to increase
construction activities, which has led to a significant demand for electrical
materials in India. The growing industrialization has also led to surging use
of electrical materials in industries including cement industry, mining,
powerplant, among others. The
growth of real estate sector is well complemented by increasing corporate
environment and demand for office space as well as urban and semi-urban
accommodations. However, economy slowdown in 2019-2020 and lack of skilled
manpower can hinder the growth of the India electrical materials market.
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Industrial sector is the largest demand generating sector for electrical
materials. Industrial sector accounted for a share of over 62.61% in India
electrical materials market in 2020. The Indian government and the various
state governments seem to be making a rapid progress in industrial sector. Over
the next 5-10 years, industrialization in India is likely to continue its
growth momentum, which is expected to create significant opportunities for
electrical materials in the industrial sector. Among the various Indian electrical materials, cable
management held the largest market share of 25.25% in the year 2020 and the
segment is expected to continue its dominance in the upcoming years. In India,
North region has a thriving demand for electrical materials and the market is
expected to hold a market share of 30% by 2026.
Anchor Electricals
Pvt. Ltd., Legrand India Pvt. Ltd., Havells India Ltd., GM Modular Pvt. Ltd.,
Honeywell Electrical Devices and Systems India Ltd., Schneider Electric India
Pvt. Ltd., Philips Lighting India Limited, Wipro Enterprises Private Ltd., ABB
India Limited, GoldMedal Electricals Pvt. Ltd., and Polycab India Limited. etc. are some of the
leading players operating in India electrical materials market.
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“Northern
region is the dominant region in India electrical materials market accounting
for a share of 30.65% in 2020. Northern region is undergoing massive
construction developments, with hundreds of residential & commercial
buildings being constructed. The Indian government in its effort to revive the
residential market especially in the excess supply region of North India has
provided several incentives for boosting the affordable housing segment. These
incentives have led to significant growth in FY2019-20 in the affordable
housing segment. As a result, demand for electrical materials has grown in the
region and will continue to grow over the forecast period once the adverse
impact on demand due to COVID-19 subsides.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based India
management consulting firm.
“India Electrical Materials Market By Type (Circuit
Breakers, Light Switches, Plugs & Sockets, Voltage Switcher, Cable
Management, Cable Duct, Electrical Conduit, Others), By End User (Industrial,
Commercial, Residential), By Region, Competition, Forecast & Opportunities,
FY2026”, has evaluated the future growth potential of India electrical
materials market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in India electrical materials market.
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